Update:
https://www.sec.gov/Archives/edgar/data/926678/000089418919003465/brandes06032019497e1.htm
497 1 brandes06032019497e1.htm BRANDES VALUE NEXTSHARES 497E
BRANDES VALUE NEXTSHARES
(The NASDAQ Stock Market LLC - BVNSC)
__________________________________________________________
Supplement dated June 3, 2019 to
Prospectus dated January 31, 2019
______________________________________________________________________
On May 29, 2019, Brandes Investment Trust announced that Brandes Investment Partners, L.P., the Advisor to the Brandes Value NextShares (the “NextShares Fund”), has recommended, and the Board of Trustees of Brandes Investment Trust has approved, the liquidation and termination of the NextShares Fund (the “Liquidation”). The Advisor’s recommendation was primarily based on the fact that the Advisor does not anticipate that the NextShares Fund will experience meaningful growth in the foreseeable future. The Liquidation is expected to occur on June 28, 2019. As a result, the Advisor and the Board believe that the Liquidation of the Fund is in the best interests of shareholders.
Shares of the NextShares Fund are listed on The Nasdaq Stock Market LLC (“Nasdaq”). At the request of Nasdaq, the NextShares Fund has agreed to modify the timing of events related to the Liquidation. Accordingly, as of the close of business on June 27, 2019, the following will occur: (1) the NextShares Fund will no longer accept orders for new creation units; and (2) trading in shares of the NextShares Fund will be halted. In addition, effective immediately, the Advisor will begin an orderly transition of the NextShares Fund’s portfolio securities to cash and cash equivalents and the NextShares Fund will cease investing in assets in accordance with its stated investment objective and policies.
Prior to the close of business on June 27, 2019, shareholders may only be able to sell their shares to certain broker-dealers, and there is no assurance that there will be a market for the NextShares Fund’s shares during that time period. Customary brokerage charges may apply to such transactions.
On or about June 28, 2019, the NextShares Fund will liquidate its assets and distribute cash pro rata to all remaining shareholders. These distributions are taxable events. Shareholders should contact their tax adviser to discuss the income tax consequences of the Liquidation. In addition, these payments to shareholders will include accrued capital gains and dividends, if any. As calculated on June 28, 2019, the NextShares Fund’s net asset value will reflect the costs of closing the NextShares Fund. Once the distributions are complete, the NextShares Fund will terminate.
Please contact the NextShares Fund at (800) 395-3807 if you have questions.
Please retain this Supplement with the Prospectus.

One can purchase the institutional class shares TIBIX with a $2500 min, albeit with a transaction fee, in Fidelity IRA accounts.
TIBIX is available with a $100K min (and transaction fee) in all types of accounts at Vanguard.

In May, we launched our 13-step financial life planner, which also attracted a slew of readers. But it seems many folks went straight to the end of the story, because the most visited page was step 13, which is devoted to generating retirement income.
I can understand & will read again.
Derf

FYI: Ben Kirby, a co-manager of the Thornburg Investment Income Builder fund, says that only two parts of the market look attractive these days: short-term credit and dividend-paying stocks.
The 10-year U.S. Treasury Note was recently yielding 2.17%, not far above the S&P 500’s average dividend yield of about 2%. Consider that the two-year note was recently at around 2%, so investors are picking up almost as much yield there as they would holding a 10-year note.
Regards,
Ted
https://www.barrons.com/articles/buying-short-term-bonds-dividend-stocks-51559336308?refsec=income-investing
M* Snapshot TIBAX:
https://www.morningstar.com/funds/XNAS/TIBAX/quote.html
Lipper Snapshot TIBAX:
https://www.marketwatch.com/investing/fund/tibax
TIBAX Is Ranked #1 In The (WA) Fund Category By U.S. News & world Report:
https://money.usnews.com/funds/mutual-funds/world-allocation/thornburg-investment-income-builder-fund/tibax

FYI: IT WAS ANOTHER record month at HumbleDollar, with the highest number of page views in our 29-month history. What were folks reading? These were the seven most popular articles:
Regards,
Ted
https://humbledollar.com/2019/06/mays-hits/

I'm not clear on your objectives here - dialing down risk by shifting from equities to bonds with a less aggressive hybrid fund, while simultaneously dialing up risk by shifting from MMF to an intermediate term bond fund (ftbfx thread). As I noted in that thread, bonds may be overpriced now.
With respect to MBEAX, I almost always use VWELX as my gold standard. If I'm looking at funds in the moderate allocation space, I want to hear a reason why another fund is considered better for a portfolio. For example, it might have less risk. Here though, despite MBEAX's higher allocation to bonds (50% vs. 40% for VWELX), M* rates the risk level of two funds average over the past three and five years.
MBEAX's performance has been either top quartile or bottom quartile in eight of the last ten calendar years, plus 2019 YTD. Except for 2009 and 2010, VWELX has been in the top two quintiles (40th percentile or better) every calendar year in the past decade, and 2019 YTD also. The more erratic relative performance of MBEAX could be indicative of a unique or at least distinctive strategy, or of a fund thrashing around in search of a theme. It would be worth looking into the explanation.
Since you're looking into bond funds, and BTBFX looks like a fine aggressive allocation fund, you might dial back your risk by selling some of the BTBFX and buying a good bond fund to adjust to your new target allocation instead of doing a straight swap into a moderate allocation fund.

I'm not sure the timing is great (bonds have had a great short term run, as the 10 year has dropped in yield from around 2.75% in late January to 2.14% today). That said, it seems like a solid long term holding.
https://www.treasury.gov/resource-center/data-chart-center/interest-rates/pages/TextView.aspx?data=yieldYear&year=2019
Moderate expenses for a bond fund, core plus (so it won't shy away from a slug of junk bonds when appropriate), and somewhat remarkably for Fidelity, fairly stable management. I like the fact that it's doing well without overloading on MBSs. It matches the market (but not the category) there, using VBTIX as a reference.
Another core plus bond fund worth a close look is BCOIX. Similar profile, very low turnover, great bond fund company, lower cost, slightly better performance. $25K min. For less, there's the investor class shares BCOSX, with an added 12b-1 fee (all in, still just 0.10% more expensive than FTBFX).

You can see a link to my previous post at Morningstar.

I don't see any reason to own this fund. YTD over 8% is impressive but I would not buy a bond fund that made over 5% in one day (that was at the end of 01/2019). This is a red flag. If I want to Multi sector funds see the following
Suppose I wanted to hold several bond OEFs without much trading. I searched at Schwab the following
Taxable Bond;
Morningstar Category: Intermediate Core Bond, Multisector Bond, Nontraditional Bond, Ultrashort Bond;
Morningstar Overall: 4 Stars, 5 Stars;
Standard Deviation: Less than or equal to 3.6;
Total Return (3 Month): Greater than or equal to 2; Average Annual Return (3 Year): Greater than or equal to 5; Average Annual Return (1 Year): Greater than or equal to 4.5; This criteria is to ensure a fund with good performance for 3-12-36 months to cover ST+LT performance.
Fees/Loads: OneSource Funds (no-load, no transaction fee); Open to New Investors: Yes
The following are pretty good choices I can live with (select 4-5 funds from the following VCFAX+PIMIX+JMUTX+PUCZX+JGIAX+IOFIX).

I forgot that David wrote an assessment of the Low Duration High Yield Fund.
https://www.mutualfundobserver.com/2018/02/launch-alert-crossingbridge-low-duration-high-yield-cbldx/

My apologies. Normally I take note of funds that are still open via direct purchase (e.g. VWELX), but I completely missed this one. I can't even make the excuse that, well, it had been completely closed but subsequently partially reopened. The policy @TheShadow quoted has been in effect since the first day (April 5, 2017) that it partially closed.
RPHYX is definitely open if you are willing to go through the transfer agent (i.e. buy directly from the fund).
Edit: Regarding CBLDX - interesting way to get access to the same lead manager as RPHYX in another short term high yield fund. (Crossingbridge is a wholly owned subsidiary of Cohanzick Management, which manages RPHYX.)
From its prospectus, it doesn't appear to be using the same approach as RPHYX (e.g. buying orphaned securities). Though from its very short average maturity (3/8 years), it's hard to imagine what else it could be holding. It seems to have taken on more credit risk than RPHYX (M* saying its average credit rating is B, vs. BB for RPHYX), while going even shorter than RPHYX.
https://www.mutualfundobserver.com/2012/01/riverpark-short-term-high-yield-fund-rphyx-july-2011/
As with Zeo, CBLDX is not available NTF. Also, it seems to require a $250K min (there's a ticker for investor class shares, but the prospectus says this isn't offered for sale). If you're going that high, you might look at RPHIX ($100K min).

I thought RPHYX was open on a limited basis?
From the 1/28/19 summary prospectus,
https://www.sec.gov/Archives/edgar/data/1494928/000139834419001751/fp0038745_497k.htm
The Fund is currently available for sale on a limited basis. The following groups will be permitted to purchase Fund shares:
1.Shareholders of record of the Fund as of April 5, 2017 (although if a shareholder closes all accounts in the Fund, additional investment in the Fund from that shareholder may not be accepted) may continue to purchase additional shares in their existing Fund accounts either directly from the Fund or through a financial intermediary and may continue to reinvest dividends or capital gains distributions from shares owned in the Fund;
2.New shareholders may open Fund accounts and purchase directly from the Fund (i.e. not through a financial intermediary); and
3.Members of the Board of Trustees of RiverPark Funds Trust, persons affiliated with RiverPark Advisors, LLC or Cohanzick Management, LLC and their immediate families will be able to purchase shares of the Fund and establish new accounts.
The Fund may from time to time, in its sole discretion, limit the types of investors permitted to open new accounts, limit new purchases or otherwise modify the above policy at any time on a case-by-case basis.
I do not want to discourage/disappoint prospective investors who want to invest in the fund.
Also, you may want to look at Crossingbridge Funds. They have a similar type of fund,
CrossingBridge Low Duration High Yield Fund. Investor class is available for $2,500 initial investment. The Fund is managed by Portfolio Managers, David Sherman and Michael De Kler.
From the Crossingbridge Funds website for the Low Duration High Yield Fund:
The strategy focuses on purchasing high yield debt with an expected effective maturity of 3 years or less and a weighted average investment horizon of 0.75-2 years. Our goal is to limit credit risk and interest rate risk.

I'm going to guess that you're talking about buying the Zeo funds at Fidelity or Schwab, where the transaction fee to buy a fund is $49.95. Elsewhere it ranges from $0 (direct investment or Vanguard (Flagship level only), to midlevel, e.g. Interactive Brokers ($14.95) and Vanguard ($20), to the $50 range (TDAmeritrade charges $49.99, not $49.95).
http://www.zeo.com/documents/Latest/ZEOIX.Platforms.pdf
Schwab and Fidelity charge $49.95.
While it is true that Schwab and Fidelity charge $49.95 to establish a position (which you could also do by buying direct and then transferring shares to the brokerage), they charge nothing to sell. Also, Fidelity lets you buy additional shares for $5/purchase if you use their automated investment service. If you're using the brokerage for stashing cash for several months, that may be a reasonable price for the convenience. If you're dollar cost averaging say, $2K or less per month, at Schwab you can spread that out as $99 daily purchases and pay no fee. (Schwab doesn't charge for purchases of under $100).
As to why Zeo doesn't make its funds available NTF, here's a typical disclosure from Fidelity:

For funds participating in the NTF program, Fidelity receives compensation that can typically range from 0 to 50 basis points based on the average daily balance. As of 12/31/2011, 96% of the mutual funds currently in the NTF program are in the 35–40 basis point range.

When the brokerage services the account, the distributor saves some money, but nowhere near 40 basis points. ZEOIX spends a total of 27 basis points on "other expenses", and much of that would remain after outsourcing the servicing to Fidelity. They could cover the extra, say, 30 basis points by adding a 0.25% 12b-1 fee and charging that to everyone, including those who were buying the fund direct from the transfer agent.
RPHYX seems to have a unique strategy, but if you don't already hold a position, it's closed. And as you observed, ZEOIX is a TF fund. If you're willing to go slightly longer with duration (still under 1 year) and consequently slightly higher volatility (thus somewhat at odds with the idea of a fund that shouldn't lose for more than a month or so), you might take a look at SSTHX. Load waived and NTF at Schwab and Fidelity, somewhat lower ER than the other funds. My guess is that the 1* rating (vs. the 2* for the other funds) is due to the slightly higher volatility.

I am a ZEO shareholder and have never paid a transaction fee. I don't use a broker. My wife invested in RPHYX a few years ago. We think of ZEOIX and RPHYX in a similar way: it's a "better mattress". I've been with ZEO a few years and I have gone directly to the transfer agent. Zeo uses Gemini in Omaha. Simple paperwork. No fee. ZEOIX shares are in a non-retirement account. Next week I'll have an IRA account in ZSRIX. If you want a ZEO fund in a 401k I suppose it might be harder to avoid a broker.

I actually took the bait on interest rate hikes back in late 2017 early 2018. Bought a TIPS ETF. Didn't stay in to long. Came to my senses and figured I would leave that decision to educated fund managers. I now believe rates will drop before they rise, especially if tariffs move us quicker into recession. Don't like to give advice, but I would put that TIP money elsewhere. But... what the hell do I know.

Thx
From. Newmax
DFA Real Estate Securities I (DFREX) has a one-year return of 21.65%. Its biggest holding is American Tower (AMT)/
Neuberger Berman Real Estate (NREAX) has a one-year return of 20.72%. Its biggest holding is also American Tower (AMT).
Principal Real Estate Securities (PRRAX) has a one-year return of 20.25%. Its biggest holding is Prologis (PLD).
Cohen & Steers Real Estate Securities (CSEIX) has a one-year return of 19.98%. Its biggest holding is Equinix (EQIX).
DWS RREEF Real Estate Securities (RRRAX) has a one-year return of 19.54%. Its biggest holding is Simon Property Group (SPG).
Read Newsmax: Barron's: 5 REITs for Income Investors to Consider
Important: Find Out Your True Retirement Date in Minutes Online! Go Here Now

Interesting stuff. Charles reflects at length on the lessons of the Morningstar conference and the fund families he found most compelling. Ed gets pretty specific about advice for long-term investors. We talk a bit about the new Zeo and Cannabis funds; update you on INDEX, the S&P 500 equal weight index fund that shouldn't be able to outperform its cheaper competitor, but does; and a talk with Paul Privitera about an active ETF that balances bank loans and high-yield bonds.
Chip and I are about to head out for 11 days in the west of Ireland. The travel arrangements are ugly but the country's beautiful. Charles will watch over things while we're gone. Please don't give him a headache.
As ever,
David

Hi @Derf,
For me, I'm fully invested within my asset allocation of 20% cash, 40% income and 40% equity. Following my rebalance policy I can hold up to plus (or minus) two percent form the threshold weighting. With this, I can hold up to a 42% weighting in either my equity allocation or income allocation, or both, while letting cash float before having to do a forced rebalance. This means cash could fall to the 16% range, or below. For equities, I can tactically overweight by up to 5% from the 40% threshold, if felt warranted. So, cash could get as low as 13% and I still would be within my allocation guardrails.
Just this past week, I bought a little in one of my global equity funds that has a monthly distribution with a yield of 3.4%.
Remember, stocks usually go soft during the summer months. For me, being a long term investor and (if) wanting to add to my equity allocation I'd average in through the summer months. But, I'd also govern with caution and spread my buys out in a position cost average step buy approach based upon the price movement of the S&P 500 Index.
An example of my step buy approach would having me buying, from the recent high, at 2850, 2770, 2680, 2590, 2500, and so on and so forth. The deeper the Index falls, in retreat, I'd increase the amount of each step buy. The way I'd, most likely, step out of these positions would be to sell the 2500 step when the Index had moved upward reaching the 2680 mark. This would afford me about a 7% return for this step. Likewise, I'd step out of the 2590 position somewhere around the 2770 mark with a gain of just short of 7%. Through the years this is how I have managed my spiffs (special investment positions). Sometime I buy the equally weighted S&P 500 Index fund (VADAX) and sometimes I buy an equity mutual fund that has a good dividend yield such as EADIX or INUTX. Going the good dividend route pays me while I await the upward turn along with any capital appreciation that I would also make.
Remember, most A share funds can be exchanged into other A share funds through most mutual fund companies through a nav (net asset value) exchange program commission free. I'd did this many times moving between a bond mutual fund like (ABNDX) to an equity mutual fund like (AGTHX) and then back into a bond fund in the American Funds family for years without paying any commission for these exchanges whatsoever. This is one of the advantages of A share mutual funds that often times get overlooked by investors.

Here is my May ending market barometer report which follows the S&P 500 Index.
Old_Skeet being a retail investor provides this information for information purposes only. It simply reflects what I am seeing in the markets, my thinking, along with what has worked best within the Index and within my portfolio for the past month.
Old_Skeet's market barometer closed the month with a undervalue reading of 158 which is up from April's month ending reporting of 138 which indicated that the Index was overbought. Generally, a higher barometer reading indicates there is more investment value in the Index over a lower reading. Short interest in the Index has moved from 1.8 days to 2.9 days to cover so some investors have continued to increased their short positions during the month. The yield on the US10YrT has moved from 2.50% down to 2.13%. From last reporting the 500 Index has moved from 2940 to 2752 for a 6.4% loss. For the month of May, according to SPDR's Sector Tracker, the three best performing sectors were real estate XLRE +1.22% ... utilities XLU -0.78% ... and, health care XLV -2.22%. Trading volumes remain light and below their averages as investors leave stocks and move to the safety of bonds. Even though the barometer has moved into undervalue range, on it's scale, there are still some major troubling spots for the markets that investors should be concerned about. A few of these concerns that come to mind are trade issues with China, Brexit and now proposed tariffs on Mexico.
Generally, a higher barometer reading indicates there is more investment value to be had in the Index over a lower reading. With this, I have now begun to add to one of my equity mutual funds that pays a monthly distribution. Before doing any major buying, though, I'll continue to add to my cash allocation as my money market mutual funds (GBAXX & PCOXX) are both currently paying a yield of about 2.50%. For the month, my three best performing funds were FRINX +0.58% ... PONAX +0.43% ... and, TSIAX +0.39%. In comparison, both my money market mutual funds, each, produced a return of about +0.21% for the month.
My thinking, my positioning, along with my comments, should not to be taken as investment advice.
Thanks for stopping by and reading.
I wish all ... "Good Investing."
Old_Skeet

FYI: Real estate investment trusts have had a good 2019. The FTSE Nareit All Equity REITs index has returned 17.8% as of May 28, compared with 12.7% for the S&P 500 index.
REITs are popular among income investors because they’re required to pay out at least 90% of their taxable income to shareholders.
Selecting individual stocks can be tricky. There are 33 REITs specializing in retail properties alone, according to Nareit, a trade group. For guidance, Barron’s looked at the largest holdings of five real estate mutual funds with strong one-year performance. Those funds are listed in the accompanying table.
Regards,
Ted
https://www.barrons.com/articles/reits-for-income-investors-51559165239?mod=past_editions